The application of securities law is relatively simple, especially when discussing ICOs, NFTs, and coins. It primarily involves the well-known and well-understood Howey test, combined with the sophistication of the buyer. That’s all.

Anyone who is heavily involved in the crypto world and claims not to know whether coins or NFTs are securities is simply not being honest with the public. Almost every book on crypto history clearly shows that promoters knew their products were considered securities in the U.S., as their legal advisors consistently informed them, according to these books.